Apr 13, 2018 | Business Tips
ShareTweetShare Knowing what inventory you have is a fundamental step toward forecasting how much inventory you’ll need. But traditional stocktaking processes like a full physical inventory are often time-consuming, profit-shrinking, and headache-inducing. Yet most...
Mar 23, 2018 | Business Tips
ShareTweetShare Ever heard of a successful business that became successful while mismanaging its inventory? We haven’t either. They don’t exist. Sure, there are plenty of mammoth companies that mismanaged their inventories and lost billions after becoming successful....
Mar 16, 2018 | Business Tips
FIFO vs LIFO: the great business accounting debate. At the end of your fiscal year, you’ll probably use one of these two accounting methods to value your inventory and report your profitability. But they’re distinctly different and will produce very different results...
Mar 9, 2018 | Business Tips
ShareTweetShare How do you effectively manage different types of inventory for maximum profit and lowest cost? You segment them into different categories, making it easier to track them and use your resources appropriately. So what method can you use to sort your...
Feb 2, 2018 | Business Tips
ShareTweetShare In business, there’s one phrase you never want to say: “We’re out of stock.” But we’ve all said it. And every time we say it, we tell ourselves we won’t say it again. Until we do. You shouldn’t beat yourself up about it, though. Small business owners...
